• Sheikha Hissa alongside Baaeed on day one of the Ebor Festival at York Racecourse on August 17, 2022. PA
    Sheikha Hissa alongside Baaeed on day one of the Ebor Festival at York Racecourse on August 17, 2022. PA
  • Sheikha Hissa with the Duke of Richmond on day two of the Goodwood Festival 2022 at Chichester. PA
    Sheikha Hissa with the Duke of Richmond on day two of the Goodwood Festival 2022 at Chichester. PA
  • Jockey Jim Crowley following his winning ride on Baaeed in the Sussex Stakes with Sheikha Hissa and trainer William Haggas at Goodwood Racecourse on July 27, 2022. PA
    Jockey Jim Crowley following his winning ride on Baaeed in the Sussex Stakes with Sheikha Hissa and trainer William Haggas at Goodwood Racecourse on July 27, 2022. PA
  • Sheikha Hissa is carrying on legacy of her father - the late Sheikh Hamdan bin Rashid. PA
    Sheikha Hissa is carrying on legacy of her father - the late Sheikh Hamdan bin Rashid. PA
  • The late Sheikh Hamdan bin Rashid, former Deputy Ruler of Dubai, with his daughter Sheikha Hissa. This image was shared by Sheikha Hissa in tribute to her father, following his death. Courtesy: Sheikha Hissa bint Hamdan / Twitter
    The late Sheikh Hamdan bin Rashid, former Deputy Ruler of Dubai, with his daughter Sheikha Hissa. This image was shared by Sheikha Hissa in tribute to her father, following his death. Courtesy: Sheikha Hissa bint Hamdan / Twitter
  • Jockey Jim Crowley celebrates as he enters the winner's enclosure on Baaeed after winning the Sussex Stakes at Goodwood Racecourse on July 27, 2022. PA
    Jockey Jim Crowley celebrates as he enters the winner's enclosure on Baaeed after winning the Sussex Stakes at Goodwood Racecourse on July 27, 2022. PA
  • Stable lads congratulate Jim Crowley after he rides Baaeed to victory in the Juddmonte International Stakes at York Racecourse on August 17, 2022. Getty
    Stable lads congratulate Jim Crowley after he rides Baaeed to victory in the Juddmonte International Stakes at York Racecourse on August 17, 2022. Getty
  • Jockey Jim Crowley celebrates with Baaeed after winning the Queen Elizabeth II Stakes at Ascot on October 16, 2021. PA
    Jockey Jim Crowley celebrates with Baaeed after winning the Queen Elizabeth II Stakes at Ascot on October 16, 2021. PA

How Sheikha Hissa and Baaeed are continuing the great racing legacy of Sheikh Hamdan


  • English
  • Arabic

Whenever Her Highness Sheikha Hissa goes to the races in England, her beloved late father Sheikh Hamdan bin Rashid, a titan of the sport for decades, is never far from her side.

In a fitting tribute to his memory, the 26-year-old carries — on the right side of her abaya — a small photograph of Sheikh Hamdan, who founded the global Shadwell horse racing and breeding empire which she inherited upon his death last year.

“He comes with me always,” Sheikha Hissa explained in an emotional television interview earlier in the summer after Baaeed had won the Sussex Stakes at Goodwood. The bond between father and daughter was strong. On his passing, she wrote on social media: “People lost a father, I lost my best friend.”

And his image carried on a badge will certainly be on display at Ascot on October 15 when Sheikha Hissa will watch Baaeed in his last ever race in the Champion Stakes.

Baaeed, which loosely translated means ‘far away’, has won all ten of his races, most recently at York in the International Stakes. His scintillating performance there drew comparisons with the great Frankel.

The fact that Baaeed is even being mentioned in such glowing terms is a fitting legacy for Sheikh Hamdan whose breeding operation has produced a clutch of equine superstars over the years.

It is a shame the late Deputy Ruler of Dubai did not live to see the son of Sea the Stars ever run.

The breeding dynasty was founded 40 years ago when Sheikh Hamdan visited the royal stud of Queen Elizabeth II at Sandringham in Norfolk and bought a filly named Height of Fashion from Her Majesty for a reported £1.5 million. Baaeed, a fifth generation direct descendant, is now worth an estimated £50m.

“For me and my family Baaeed means the world,” Sheikha Hissa continued. “He is homebred. The whole lineage goes back to Height of Fashion.”

Although the Prix de l’arc de Triomphe was another option for the champion four-year-old, Sheikha Hissa and her advisers, trainer William Haggas and Shadwell’s racing manager Angus Gold opted on Wednesday for his finale on ‘home turf’ in England.

Gold, who has worked for Shadwell since 1987, helped Sheikha Hissa overhaul the Shadwell empire which has been slimmed down significantly since Sheikh Hamdan passed away.

From 450 horses in training worldwide together with 220 broodmares, numbers have reduced to about 85 and 50 respectively.

“It was a big exercise which took a lot of organising,” Gold explained. “We kept the ones we felt had the most potential plus a few very well bred we had not been able to run.”

  • Maureen Haggas with champion four-year-old Baaeed. All images Rob Greig for The National
    Maureen Haggas with champion four-year-old Baaeed. All images Rob Greig for The National
  • Shadwell’s racing manager Angus Gold with Baaeed.
    Shadwell’s racing manager Angus Gold with Baaeed.
  • Baaeed is preparing for the final race of his glittering career.
    Baaeed is preparing for the final race of his glittering career.
  • Baaeed is the champions horse of Shadwell.
    Baaeed is the champions horse of Shadwell.
  • Angus Gold with Baaeed.
    Angus Gold with Baaeed.
  • Baaeed is estimated to be worth £50m.
    Baaeed is estimated to be worth £50m.

Baaeed’s impact on Sheikha Hissa and her family has been profound.

“I have told them to try to enjoy it because this doesn’t happen very often This is the best horse I have been around in 36 years, which shows how rare they are,” Gold added.

“It is very hard to appreciate something if you come into a business and have this success immediately. I am sure it’s a huge thing for the whole family, even those not as interested as Sheikha Hissa. People are coming up to them and congratulating them in Dubai. When they see they own the greatest horse in the world, it is a huge boost.

“It has been a huge learning curve for Sheikha Hissa but she has been fantastic to deal with. She is incredibly knowledgeable.”

Ironically, Gold was working at the Sandringham stud for the Queen when Sheikh Hamdan bought Height of Fashion.

“Everyone was asking why on Earth would anyone want to pay that much for a filly? But then she came and bred the likes of Nashwan (who won the 1989 Derby) and Unfuwain.

“Sheikh Hamdan adored Height of Fashion. And so it is especially meaningful and poignant that Baaeed is descended from her. As sheikh Hamdan passed, Baaeed arrived so he means much more to the family than the average horse. It was like he was sent to help them through the transition period and put them on the right footing.

“Sheikh Hamdan was a very gentle man. The greatest thing about him was his overall passion for this sport, not just racing but particularly breeding.

“He loved every aspect of the breeding. He was humble in victory and gracious in defeat. He understood the business, knew things went wrong and took the bad news amazingly well. ”

Maureen Haggas, the trainer’s wife and daughter of Lester Piggott, summed up Baaeed and his huge appeal.

“He is a dude, he loves the attention. He knows he is a superstar. He has people coming in most days to see him and he loves it. He stands in the yard and poses for half an hour. He knows he is something special.

“He is the horse of a lifetime. We will never have another horse like this. He is very different. Everything is very easy for him. He is a pleasure to train, straightforward, charming, and with a great character and a huge amount of ability.

“Baaeed forms a great link between Sheikh Hamdan and his daughter. Hopefully this horse will help to keep Shadwell alive and thriving in years to come. That would be great and an incredible legacy.”

  • Sheikh Hamdan bin Rashid, Deputy Ruler of Dubai, Minister of Finance and Chairman of Dubai Aluminium Company inaugurates DUBAL's twenty-five year anniversary celebrations in Dubai on January 9, 2005. Sheikh Hamdan died on Wednesday, March 24, 2021. Reuters
    Sheikh Hamdan bin Rashid, Deputy Ruler of Dubai, Minister of Finance and Chairman of Dubai Aluminium Company inaugurates DUBAL's twenty-five year anniversary celebrations in Dubai on January 9, 2005. Sheikh Hamdan died on Wednesday, March 24, 2021. Reuters
  • Chard Hills and Sheikh Hamdan bin Rashid after winning The Coronation Stakes with Ghanaati at the Royal Ascot. The popularity of horseracing in the UAE is widely attributed to Sheikh Hamdan.
    Chard Hills and Sheikh Hamdan bin Rashid after winning The Coronation Stakes with Ghanaati at the Royal Ascot. The popularity of horseracing in the UAE is widely attributed to Sheikh Hamdan.
  • Sheikh Hamdan bin Rashid signs an inauguration document at the opening ceremony of the largest power production and water desalination plant in the UAE, in Dubai, on April 8, 2013. Sarah Dea / The National
    Sheikh Hamdan bin Rashid signs an inauguration document at the opening ceremony of the largest power production and water desalination plant in the UAE, in Dubai, on April 8, 2013. Sarah Dea / The National
  • Sheikh Hamdan bin Rashid pictured at the Meydan Racecourse with winner of the 1,200m race, Muarrab, and rider Paul Hanagan in March 5, 2016. Pawan Singh / The National
    Sheikh Hamdan bin Rashid pictured at the Meydan Racecourse with winner of the 1,200m race, Muarrab, and rider Paul Hanagan in March 5, 2016. Pawan Singh / The National
  • Sheikh Hamdan bin Rashid is presented with the Dubai World Cup trophy in 2015 after Prince Bishop won the showpiece race. Pawan Singh / The National
    Sheikh Hamdan bin Rashid is presented with the Dubai World Cup trophy in 2015 after Prince Bishop won the showpiece race. Pawan Singh / The National
  • Sheikh Hamdan bin Rashid speaks at the opening session of the Annual Meetings of the Arab Financial Institutions and the Fourth Meeting of the Council of Arab Ministers of Finance on April 2, 2013. Razan Alzayani / The National
    Sheikh Hamdan bin Rashid speaks at the opening session of the Annual Meetings of the Arab Financial Institutions and the Fourth Meeting of the Council of Arab Ministers of Finance on April 2, 2013. Razan Alzayani / The National
  • Sheikh Hamdan bin Rashid greets Sheikh Saif bin Zayed, Deputy Prime Minister and Minister of Interior, during an iftar reception at Mushrif Palace on July 1, 2014. With them is Sheikh Hamdan bin Zayed, the Ruler's Representative in Al Dhafra Region. Mohamed Al Hammadi / Crown Prince Court - Abu Dhabi
    Sheikh Hamdan bin Rashid greets Sheikh Saif bin Zayed, Deputy Prime Minister and Minister of Interior, during an iftar reception at Mushrif Palace on July 1, 2014. With them is Sheikh Hamdan bin Zayed, the Ruler's Representative in Al Dhafra Region. Mohamed Al Hammadi / Crown Prince Court - Abu Dhabi
  • Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, speaks with Sheikh Hamdan bin Rashid during an Eid Al Adha reception at Mushrif Palace on September 2, 2017. Mohamed Al Hammadi / Crown Prince Court - Abu Dhabi
    Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, speaks with Sheikh Hamdan bin Rashid during an Eid Al Adha reception at Mushrif Palace on September 2, 2017. Mohamed Al Hammadi / Crown Prince Court - Abu Dhabi
  • Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman, Sheikh Mohamed bin Hamad Al Sharqi, Crown Prince of Fujairah, and Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and UAE Minister of Finance, attend a wedding at then Armed Forces Officers Club on March 23, 2016. Ryan Carter / Crown Prince Court - Abu Dhabi
    Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman, Sheikh Mohamed bin Hamad Al Sharqi, Crown Prince of Fujairah, and Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and UAE Minister of Finance, attend a wedding at then Armed Forces Officers Club on March 23, 2016. Ryan Carter / Crown Prince Court - Abu Dhabi
  • Sheikh Hamdan bin Rashid distributes the Distinguished Student Awards at Dubai International Convention Centre on April 8, 2008. Jeffrey E. Biteng / The National
    Sheikh Hamdan bin Rashid distributes the Distinguished Student Awards at Dubai International Convention Centre on April 8, 2008. Jeffrey E. Biteng / The National
  • Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, Sheikh Mansour bin Zayed, UAE Deputy Prime Minister and Minister of Presidential Affairs, and Sheikh Hamdan bin Rashid, attend a UAE Cabinet meeting at Wahat Al Karama on March 5, 2017. Ryan Carter / Crown Prince Court - Abu Dhabi
    Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, Sheikh Mansour bin Zayed, UAE Deputy Prime Minister and Minister of Presidential Affairs, and Sheikh Hamdan bin Rashid, attend a UAE Cabinet meeting at Wahat Al Karama on March 5, 2017. Ryan Carter / Crown Prince Court - Abu Dhabi
  • Sheikh Hamdan bin Rashid greets Sheikh Humaid bin Rashid Al Nuaimi, Ruler of Ajman, during an Eid Al Adha reception at Mushrif Palace on August 11, 2019. Eissa Al Hammadi / Ministry of Presidential Affairs
    Sheikh Hamdan bin Rashid greets Sheikh Humaid bin Rashid Al Nuaimi, Ruler of Ajman, during an Eid Al Adha reception at Mushrif Palace on August 11, 2019. Eissa Al Hammadi / Ministry of Presidential Affairs
  • Sheikh Mohamed bin Zayed and Sheikh Mohammed bin Rashid attend the Determination Retreat, at the Presidential Palace on March 10, 2019. Also present are Sheikh Hamdan bin Rashid and Sheikh Hazza bin Zayed, Vice Chairman of the Abu Dhabi Executive Council. Ryan Carter for the Ministry of Presidential Affairs
    Sheikh Mohamed bin Zayed and Sheikh Mohammed bin Rashid attend the Determination Retreat, at the Presidential Palace on March 10, 2019. Also present are Sheikh Hamdan bin Rashid and Sheikh Hazza bin Zayed, Vice Chairman of the Abu Dhabi Executive Council. Ryan Carter for the Ministry of Presidential Affairs
  • Sheikh Hamdan bin Rashid presents an award to Mohammed Ali bin Zayed Al Falasi, Deputy Governor of the UAE Central Bank, on March 11, 2019. Victor Besa / The National
    Sheikh Hamdan bin Rashid presents an award to Mohammed Ali bin Zayed Al Falasi, Deputy Governor of the UAE Central Bank, on March 11, 2019. Victor Besa / The National
  • Sheikh Hamdan bin Rashid offers condolences to Sheikh Tahnoon bin Mohamed, Ruler's Representative in Al Ain Region, and Sheikh Mohamed bin Zayed on the death of Sheikh Sultan bin Zayed at Al Mushrif Palace on November 21, 2019. Rashed Al Mansoori / Ministry of Presidential Affairs
    Sheikh Hamdan bin Rashid offers condolences to Sheikh Tahnoon bin Mohamed, Ruler's Representative in Al Ain Region, and Sheikh Mohamed bin Zayed on the death of Sheikh Sultan bin Zayed at Al Mushrif Palace on November 21, 2019. Rashed Al Mansoori / Ministry of Presidential Affairs
  • Sheikh Hamdan bin Rashid offers condolences to Sheikh Suroor bin Mohamed on the death of Sheikh Sultan, at Al Mushrif Palace on November 21, 2019. Hamad Al Mansoori for the Ministry of Presidential Affairs
    Sheikh Hamdan bin Rashid offers condolences to Sheikh Suroor bin Mohamed on the death of Sheikh Sultan, at Al Mushrif Palace on November 21, 2019. Hamad Al Mansoori for the Ministry of Presidential Affairs
  • Sheikh Mohammed bin Rashid with his father, Sheikh Rashid, and brother Sheikh Hamdan Bin Rashid Al Maktoum in 1963
    Sheikh Mohammed bin Rashid with his father, Sheikh Rashid, and brother Sheikh Hamdan Bin Rashid Al Maktoum in 1963
  • Sheikh Hamdan bin Rashid attends the Water, Energy, Technology and Environment Exhibition (WETEX) and the Dubai Solar Show 2020 virtually on October 26, 2020. Courtesy Dubai Media Office
    Sheikh Hamdan bin Rashid attends the Water, Energy, Technology and Environment Exhibition (WETEX) and the Dubai Solar Show 2020 virtually on October 26, 2020. Courtesy Dubai Media Office
  • Sheikh Hamdan bin Rashid offers condolences to Sheikh Tahnoon bin Mohamed on the death of Sheikh Sultan, at Al Mushrif Palace on November 21, 2019. Hamad Al Mansoori for the Ministry of Presidential Affairs
    Sheikh Hamdan bin Rashid offers condolences to Sheikh Tahnoon bin Mohamed on the death of Sheikh Sultan, at Al Mushrif Palace on November 21, 2019. Hamad Al Mansoori for the Ministry of Presidential Affairs
  • Sheikh Nahyan Bin Zayed Al Nahyan, Chairman of the Board of Trustees of Zayed bin Sultan Al Nahyan Charitable and Humanitarian Foundation and Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and UAE Minister of Finance, attend the final day of the 2019 Formula 1 Etihad Airways Abu Dhabi Grand Prix, at Shams Tower. Ryan Carter for the Ministry of Presidential Affairs
    Sheikh Nahyan Bin Zayed Al Nahyan, Chairman of the Board of Trustees of Zayed bin Sultan Al Nahyan Charitable and Humanitarian Foundation and Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and UAE Minister of Finance, attend the final day of the 2019 Formula 1 Etihad Airways Abu Dhabi Grand Prix, at Shams Tower. Ryan Carter for the Ministry of Presidential Affairs
  • Sheikh Maktoum bin Rashid, who became Ruler of Dubai in 1958, Sheikh Hamdan Bin Rashid and Sheikh Mohammed bin Rashid, then Crown Prince of Dubai, attend Eid al Fitr prayers.
    Sheikh Maktoum bin Rashid, who became Ruler of Dubai in 1958, Sheikh Hamdan Bin Rashid and Sheikh Mohammed bin Rashid, then Crown Prince of Dubai, attend Eid al Fitr prayers.
  • Saudi Finance Minister Ibrahim Al Assaf is greeted by Sheikh Hamdan bin Rashid after arriving in Abu Dhabi to attend a GCC finance ministers' meeting on May 7, 2011. AFP
    Saudi Finance Minister Ibrahim Al Assaf is greeted by Sheikh Hamdan bin Rashid after arriving in Abu Dhabi to attend a GCC finance ministers' meeting on May 7, 2011. AFP
  • Sheikh Hamdan bin Rashid opens the 27th edition of Gitex in Dubai on September 8, 2007. Bloomberg
    Sheikh Hamdan bin Rashid opens the 27th edition of Gitex in Dubai on September 8, 2007. Bloomberg
  • Sheikh Hamdan bin Rashid speaks to his Saudi counterpart Ibrahim Al Assaf ahead of a GCC finance ministers' meeting in Abu Dhabi on September 7, 2011. Reuters
    Sheikh Hamdan bin Rashid speaks to his Saudi counterpart Ibrahim Al Assaf ahead of a GCC finance ministers' meeting in Abu Dhabi on September 7, 2011. Reuters

A Bad Moms Christmas
Dir: John Lucas and Scott Moore
Starring: Mila Kunis, Kathryn Hahn, Kristen Bell, Susan Sarandon, Christine Baranski, Cheryl Hines
Two stars

Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

The%20specs%3A%202024%20Mercedes%20E200
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2.0-litre%20four-cyl%20turbo%20%2B%20mild%20hybrid%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E204hp%20at%205%2C800rpm%20%2B23hp%20hybrid%20boost%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E320Nm%20at%201%2C800rpm%20%2B205Nm%20hybrid%20boost%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E9-speed%20auto%0D%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%20%3C%2Fstrong%3E7.3L%2F100km%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENovember%2FDecember%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh205%2C000%20(estimate)%3C%2Fp%3E%0A
COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
UAE currency: the story behind the money in your pockets
MATCH INFO

South Africa 66 (Tries: De Allende, Nkosi, Reinach (3), Gelant, Steyn, Brits, Willemse; Cons: Jantjies 8) 

Canada 7 (Tries: Heaton; Cons: Nelson)

Five expert hiking tips
    Always check the weather forecast before setting off Make sure you have plenty of water Set off early to avoid sudden weather changes in the afternoon Wear appropriate clothing and footwear Take your litter home with you
Tips for taking the metro

- set out well ahead of time

- make sure you have at least Dh15 on you Nol card, as there could be big queues for top-up machines

- enter the right cabin. The train may be too busy to move between carriages once you're on

- don't carry too much luggage and tuck it under a seat to make room for fellow passengers

Last-16 Europa League fixtures

Wednesday (Kick-offs UAE)

FC Copenhagen (0) v Istanbul Basaksehir (1) 8.55pm

Shakhtar Donetsk (2) v Wolfsburg (1) 8.55pm

Inter Milan v Getafe (one leg only) 11pm

Manchester United (5) v LASK (0) 11pm 

Thursday

Bayer Leverkusen (3) v Rangers (1) 8.55pm

Sevilla v Roma  (one leg only)  8.55pm

FC Basel (3) v Eintracht Frankfurt (0) 11pm 

Wolves (1) Olympiakos (1) 11pm 

FOOTBALL TEST

Team X 1 Team Y 0

Scorers

Red card

Man of the Match

 

Rajasthan Royals 153-5 (17.5 ov)
Delhi Daredevils 60-4 (6 ov)

Rajasthan won by 10 runs (D/L method)

The biog

Name: Abeer Al Shahi

Emirate: Sharjah – Khor Fakkan

Education: Master’s degree in special education, preparing for a PhD in philosophy.

Favourite activities: Bungee jumping

Favourite quote: “My people and I will not settle for anything less than first place” – Sheikh Mohammed bin Rashid.

MATCH INFO

Quarter-finals

Saturday (all times UAE)

England v Australia, 11.15am 
New Zealand v Ireland, 2.15pm

Sunday

Wales v France, 11.15am
Japan v South Africa, 2.15pm

Company%20profile
%3Cp%3EName%3A%20Tabby%3Cbr%3EFounded%3A%20August%202019%3B%20platform%20went%20live%20in%20February%202020%3Cbr%3EFounder%2FCEO%3A%20Hosam%20Arab%2C%20co-founder%3A%20Daniil%20Barkalov%3Cbr%3EBased%3A%20Dubai%2C%20UAE%3Cbr%3ESector%3A%20Payments%3Cbr%3ESize%3A%2040-50%20employees%3Cbr%3EStage%3A%20Series%20A%3Cbr%3EInvestors%3A%20Arbor%20Ventures%2C%20Mubadala%20Capital%2C%20Wamda%20Capital%2C%20STV%2C%20Raed%20Ventures%2C%20Global%20Founders%20Capital%2C%20JIMCO%2C%20Global%20Ventures%2C%20Venture%20Souq%2C%20Outliers%20VC%2C%20MSA%20Capital%2C%20HOF%20and%20AB%20Accelerator.%3Cbr%3E%3C%2Fp%3E%0A
Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

COMPANY PROFILE

Name: Grubtech

Founders: Mohamed Al Fayed and Mohammed Hammedi

Launched: October 2019

Employees: 50

Financing stage: Seed round (raised $2 million)

 

Other ways to buy used products in the UAE

UAE insurance firm Al Wathba National Insurance Company (AWNIC) last year launched an e-commerce website with a facility enabling users to buy car wrecks.

Bidders and potential buyers register on the online salvage car auction portal to view vehicles, review condition reports, or arrange physical surveys, and then start bidding for motors they plan to restore or harvest for parts.

Physical salvage car auctions are a common method for insurers around the world to move on heavily damaged vehicles, but AWNIC is one of the few UAE insurers to offer such services online.

For cars and less sizeable items such as bicycles and furniture, Dubizzle is arguably the best-known marketplace for pre-loved.

Founded in 2005, in recent years it has been joined by a plethora of Facebook community pages for shifting used goods, including Abu Dhabi Marketplace, Flea Market UAE and Arabian Ranches Souq Market while sites such as The Luxury Closet and Riot deal largely in second-hand fashion.

At the high-end of the pre-used spectrum, resellers such as Timepiece360.ae, WatchBox Middle East and Watches Market Dubai deal in authenticated second-hand luxury timepieces from brands such as Rolex, Hublot and Tag Heuer, with a warranty.

Company profile

Name: Thndr

Started: October 2020

Founders: Ahmad Hammouda and Seif Amr

Based: Cairo, Egypt

Sector: FinTech

Initial investment: pre-seed of $800,000

Funding stage: series A; $20 million

Investors: Tiger Global, Beco Capital, Prosus Ventures, Y Combinator, Global Ventures, Abdul Latif Jameel, Endure Capital, 4DX Ventures, Plus VC,  Rabacap and MSA Capital

Libya's Gold

UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves. 

The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.

Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.

A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.

A Long Way Home by Peter Carey
Faber & Faber

Fifa Club World Cup quarter-final

Kashima Antlers 3 (Nagaki 49’, Serginho 69’, Abe 84’)
Guadalajara 2 (Zaldivar 03’, Pulido 90')

UAE currency: the story behind the money in your pockets
GIANT REVIEW

Starring: Amir El-Masry, Pierce Brosnan

Director: Athale

Rating: 4/5

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

'The Batman'

Stars:Robert Pattinson

Director:Matt Reeves

Rating: 5/5

Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

Company Fact Box

Company name/date started: Abwaab Technologies / September 2019

Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO

Based: Amman, Jordan

Sector: Education Technology

Size (employees/revenue): Total team size: 65. Full-time employees: 25. Revenue undisclosed

Stage: early-stage startup 

Investors: Adam Tech Ventures, Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund, a London investment fund, a number of former and current executives from Uber and Netflix, among others.

Updated: September 16, 2022, 6:00 PM